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Julies auto body shop was completely burned down. Her AGI is $100,000. Her adjusted basis in the shop was $200,000 and its fair market value
Julies auto body shop was completely burned down. Her AGI is $100,000. Her adjusted basis in the shop was $200,000 and its fair market value before the fire was $500,000. She received $100,000 in insurance proceeds and estimates salvage value of $4,000. Determine Julies casualty loss deduction.
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